Trend analysis (Fig. 1).
The market may move down from the level of 1.0981 (close of Friday's daily candle) to the target of 1.0932, the 61.8% retracement (yellow dotted line). In case of testing this level, the price may move up to the target of 1.1026, the resistance (thick red line). From here, the upward movement may continue to the target level of 1.1064, the 38.2% retracement (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger bands - down;
- Weekly chart - down.
General conclusion:
The price may move down from the level 1.0981 (close of Friday's daily candle) to the target of 1.0932, the 61.8% retracement (yellow dotted line). In case of testing this level, the price may move up to the target of 1.1026, the resistance (thick red line). From here, the upward movement may continue to the target level of 1.1064, the 38.2% retracement (blue dotted line).
Alternative scenario: from 1.0981 (close of Friday's daily candle), the price may move down to the target of 1.0932, the 61.8% retracement level (yellow dotted line). In case of testing this level, the price may continue to move down to the target of 1.0883, the 76.4% retracement level (yellow dotted line). From here, upward movement is possible.
